Core Insights - Eurozone inflation rate for August is reported at 2.1%, up from 2.0% in July, indicating a return above the European Central Bank's medium-term target level [1] - Core inflation, excluding energy, food, and tobacco, remains steady at 2.3% for August, unchanged from July [1] Inflation Details - Food and tobacco prices increased by 3.2% year-on-year in August - Service prices rose by 3.1% year-on-year - Non-energy industrial goods prices saw a rise of 0.8% - Energy prices decreased by 1.9% [1] Country-Specific Inflation Rates - Germany's inflation rate stands at 2.1% - France's inflation rate is at 0.8% - Italy's inflation rate is recorded at 1.7% - Spain's inflation rate is at 2.7% [1] Economic Outlook - Chief economist at ING, Bert Colijn, highlights that global economic risks remain significant, and inflation volatility risks persist - Current data suggests inflation will remain close to the European Central Bank's 2% target level [1] Central Bank Policy - The European Central Bank announced on July 24 to maintain the three key interest rates unchanged, marking the first pause in interest rate cuts since June of the previous year [1]

Group 1 - International silver is currently trading below $38.01, with a recent report indicating a price of $38.00, reflecting a 0.44% increase from the opening price of $37.82 per ounce [1] - The highest price reached today was $38.07, while the lowest was also $38.07, indicating a short-term bullish trend in the silver market [1] - Analysts suggest that silver has room for further increases, with potential targets around $38.5, while support levels are noted at $37.65 and $37.50 [4] Group 2 - President Trump has imposed an additional 25% tariff on Indian goods due to India's continued purchase of Russian energy, raising the total tariff rate to 50% [3] - Following this announcement, the iShares MSCI India ETF dropped to a session low, and oil prices increased, indicating market reactions to the tariff news [3] - The U.S. is set to raise import tariffs on several trade partners, including India, as part of a strategy to reduce trade deficits and boost domestic manufacturing [3]

Group 1 - The G-20 communiqué highlights that the global economy is facing greater uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical tensions, and trade disputes [1] - The communiqué emphasizes the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy [1]

Core Points - The G20 finance ministers and central bank governors emphasized the importance of strengthening multilateral cooperation to address existing and emerging global economic risks [1] Group 1 - The meeting highlighted the need for collaborative efforts among nations to effectively tackle economic challenges [1] - There is a focus on both current and new economic risks that could impact global stability [1] - The statement reflects a commitment to enhancing international cooperation in economic policy-making [1]

Group 1 - The comprehensive tariff war initiated by the US government in April has disrupted the expected soft landing of the global economy, leading to increased policy uncertainty and a downward revision of economic growth forecasts [1] - The report highlights that the global economy showed signs of soft landing at the beginning of 2025, with inflation rates nearing target levels and a global growth rate slightly above 3% in 2024, but the sudden tariff war has darkened the global economic outlook [1][2] - The report indicates that the potential growth rate of the real economy has been declining, with high public debt levels and risks in non-bank financial institutions exacerbating global economic risks [2] Group 2 - The report emphasizes that the role of non-bank financial institutions has increased significantly in cross-border financial transactions, raising concerns about liquidity mismatches and potential market panic [3] - Effective economic policies must maintain economic and financial stability while promoting sustainable growth, which requires clear goals and appropriate tools to build and maintain public confidence [3] - To restore the global economy, the report calls for structural reforms, fiscal policies, regulatory policies, and monetary policies to enhance market vitality and ensure debt sustainability [4]

Core Viewpoint - The Chief Economic Advisor of India anticipates that the current rise in oil prices will have a negligible impact on inflation in the short term, indicating that India is prepared to handle global economic risks [1] Group 1 - The Indian government is confident in its ability to manage the effects of rising oil prices on the economy [1] - The assessment suggests that the inflationary pressures from oil price increases are expected to be temporary [1] - India is taking proactive measures to mitigate potential global economic risks [1]

Macro News - The Trump administration is considering Scott Pruitt as a potential successor to Jerome Powell as the next Federal Reserve Chairman, with Powell's term ending in May 2026 [3] - Fitch Ratings warns that rising trade tariffs and policy uncertainty will weaken global growth prospects and increase risks of tightening financing conditions [3] - The escalation of the global trade war and uncertainty regarding tariffs pose significant negative shocks to the global economy, affecting trade volumes, supply chains, investments, and international relations [3] Gold Futures Analysis - Gold futures prices are currently up, with the latest price at 777.88 yuan per gram, reflecting a 0.60% increase [4] - The highest price reached today is 779.76 yuan per gram, while the lowest is 774.02 yuan per gram [4] - Resistance levels for gold are identified between 800-810 yuan per gram, with support levels between 740-750 yuan per gram [4]

Core Viewpoint - The international gold market experienced significant volatility during the May Day holiday, with spot gold prices dropping over $50 in a single day, falling below $3240 per ounce, and showing a cumulative decline of over 5% from historical highs [1] Group 1: Market Dynamics - The sharp decline in gold prices was influenced by multiple factors, including a easing of international trade tensions, as the U.S. is set to announce the first batch of trade agreements and potentially lower some tariffs, which alleviated global economic risk concerns and suppressed gold's safe-haven appeal [1] - Investor profit-taking due to heightened fear of high prices further exacerbated the drop in gold prices [1] Group 2: Regulatory Response - Regulatory bodies acted swiftly in response to the volatility, with the Shanghai Futures Exchange and Shanghai Gold Exchange adjusting trading fees, margins, and price limits for gold futures to mitigate market risks [1] - Several banks issued urgent warnings, advising investors to approach precious metal investments with caution due to increased volatility [1] Group 3: Future Outlook - Despite short-term pressure on gold prices, there remains a divergence in market sentiment regarding future trends, with some economic data suggesting a potential resurgence of safe-haven demand, while expectations of Federal Reserve interest rate cuts could provide upward momentum for gold [2] - Long-term support factors for gold prices include continued accumulation by global central banks, geopolitical uncertainties, and expectations of a weakening U.S. dollar, which may drive prices higher again [2] - The key variables for future gold price movements may hinge on the timing of Federal Reserve policy shifts and whether the global economy achieves a "soft landing" [2]